Choice International has completed the acquisition of the remaining 50% equity stake in its subsidiary, Choice Insurance Broking India Private Limited, for a total consideration of ₹62,50,20,000. This transaction involved the purchase of 6,60,000 equity shares at a price of ₹947 per share, including a premium of ₹937 per share.
The acquisition received the necessary approval from the Insurance Regulatory and Development Authority of India (IRDAI), allowing Choice Insurance to operate as a wholly owned subsidiary of Choice International. This move aligns with the company’s strategy to capitalise on emerging opportunities in the financial services sector, particularly within the insurance brokerage industry.
Choice Insurance, which operates as an IRDA-registered insurance broker, reported a turnover of ₹8,858.85 lakhs for the financial year ending March 31, 2025. The acquisition was executed on an arm’s length basis and does not constitute a related party transaction, as the shares were acquired from Mr. Awjit Bhagat, who is not related to the company’s promoters.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).